Taxpayers are likely to get big relief in the budget by the end of July. As the mathematics of supply and demand is matching, it seems to have a positive impact on the Indian market. It is estimated that this time the middle class will get a big relief in the budget. Since Corona, the middle class has been caught in the cycle of inflation and tax. There is a large-scale migration of the rich from the country. The question has been raised whether more tax is being imposed on the rich. If we look at the amount of tax in other countries, is this estimate right or wrong? Let’s find out…
The highest tax in Canada is 50.5%
In the new tax system of Indian Income Tax, 39 percent tax is levied on annual income of Rs 5 crore. This includes a 25 percent surcharge on the amount above Rs 5 crore. The highest income tax payers in Canada pay an average of 50.5 percent income tax. Moneycontrol reports that it depends on which region of Canada he lives in.
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What is the tax calculation in BRICS countries?
Australia, France and Germany have the highest tax rate of 45 percent. In Germany, a surcharge of 5.5 percent is levied after the limit. In France, the rich earning more than 2,50,000 euros have to pay an additional tax of 3 percent. Among the BRICS countries, China and South Africa have the highest tax rate of 45 percent. Brazil has the highest tax rate of 27.5 percent.
What is the amount of additional tax in the new tax system?
The new tax system has a tax rate of 30 percent without any surcharge on income above 15 lakhs. According to an analysis by Moneycontrol, there is a difference of 7.1 percent between 30 percent tax and per capita income in the country. This is the highest in the world. In this budget, major changes in the tax slab and a new tax system along with the old tax system have been predicted. The middle class has a lot of expectations from this budget. They want relief in the tax slab. Will the Modi government give relief to the middle class in this budget? This will be revealed soon.
